Morgan Stanley provides a $500 million loan to Core Scientific

Jinse Finance reported that Core Scientific announced on Thursday it has secured $500 million in financing from Morgan Stanley. According to a statement, this 364-day loan agreement includes an incremental clause that allows the company to increase the loan commitment by an additional $500 million, bringing the potential total amount to $1 billion. Core Scientific stated that it plans to use the financing for the acquisition of real estate, upfront development costs, and the procurement of additional energy contracts. In addition, the funds will be used to purchase necessary equipment to upgrade its existing facilities in Texas, Georgia, and North Carolina into infrastructure capable of supporting compute-intensive workloads.